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Abu Dhabi s ADQ offers to combine two hospitality groups with $5 4bn in assets

DUBAI: The Abu Dhabi sovereign fund ADQ has submitted an offer to merge two hospitality companies and form a larger entity with total assets of $5.4 billion. The Abu Dhabi National Hotels company (ADNH) said it received the offer from ADQ to combine it with one of the fund’s units, the Abu Dhabi National Exhibitions Company (ADNEC). ADQ has been linked to a number of deals in

Photos of the Week: June 3 - 9

1 / 10 Jang Wan-ho and Jang Deok-ho sit before a grave of their brother who died in the 1950-53 Korean War, at the National Cemetery in Seoul on June 6, 2021 as South Korea marks Memorial Day remembering those killed in the conflict. (AFP) 2 / 10 Turkey s Marmara Sea at a harbor on the shoreline of Istanbul shows mucilage, a jelly-like layer of slime that develops on the surface of the water due to the excessive proliferation of phytoplankton, gravely threatening the marine biome. (AFP) 3 / 10 View of a performance to pay tribute to the victims of police violence in the framework of the protests against the government of the Colombian President Ivan Duque, in Medellin, on June 6, 2021. (AFP)

Saudi U-23s in 1-1 draw with Mexico in latest friendly ahead of Olympic Games

The first half ended scoreless, with the young Saudis missing several chances to take the lead. After the break, the Mexican team broke the deadlock, and the Green Falcons looked to be heading for a narrow defeat. However, there was a reprieve for the Saudis when the referee awarded a penalty in stoppage time which substitute Ayman Yahya converted, to end the match on a positive note for coach Saad Al-Shehri and his players. The training camp in Marbella will run until June 15 ahead of Tokyo 2020, which kicks off on July 23. In Japan, the Saudi U-23 team will face Brazil, Germany and Ivory Coast in Group D of the men’s football tournament.

Duterte asks daughter not to pursue presidency

MANILA: With less than a year left before his six-year term ends in June 2022, Philippine President Rodrigo Duterte said he is ready to retire and that he had no plans to run for any post in next year’s national elections. “I’m ready for retirement,” Duterte said in a televised interview on Tuesday, despite the push by his party, the PDP-Laban, for him to join the vice presidential race. Duterte is not eligible to seek a second term, but the constitution does not prevent him from running for vice president. The former mayor of Davao City insisted he would retire after stepping down from office next year, dismissing calls by his supporters for a “Duterte-Duterte” tandem where he would run as vice president with his daughter, Davao City Mayor Sara Duterte-Carpio, as president.

$100-a-barrel target in new oil price surge

DUBAI: Global oil prices continued their surge on Wednesday as traders and analysts eyed the prospect of crude spiking above $100 per barrel this year for the first time since 2014. Brent traded above the $70 mark for the third consecutive day, hitting a two-year high, while US standard West Texas International in negative territory a little over a year ago also rose above

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